Bank of India, a leading public sector bank, and New India Assurance Co. Ltd. (NIACL), India’s premier insurance company, have announced a strategic partnership to offer a range of general insurance products to Bank of India’s customers. This partnership, effective March 24th, 2025, will provide Bank of India’s customers with access to a variety of insurance products, including health, motor, personal accident, home, and commercial insurance, offered by NIACL.
The partnership is expected to increase insurance penetration among Bank of India’s customers, who will now have access to quality insurance solutions under one roof. Bank of India has over 5,200 branches across the country, while NIACL boasts over 100 years of excellence in the general insurance sector, making this partnership a significant alliance in India’s bancassurance ecosystem.
Speaking on the occasion, Shri Rajneesh Karand, MD & CEO of Bank of India, described the tie-up as a step forward in offering comprehensive insurance solutions to customers. Ms. Girija Subramanian, Chairman-cum-Managing Director of NIACL, expressed confidence in the partnership’s potential to enhance insurance penetration and provide high-quality service and protection to Bank of India’s customers.
The partnership is a significant move by the two entities to expand their reach and offer a wider range of products and services to their customers. The combination of Bank of India’s extensive network of branches and NIACL’s expertise in the insurance sector is expected to lead to a significant increase in insurance penetration and adoption in the country.